Head and shoulders pattern on 4H may mean another short for gold may be coming this week. Large bearish engulfing candles on the daily make this look very promising, but we will need to see further confirmation and a strength in the dollar this week to be able to catch gold going a lot more down. SELL???
Currently looking at the market, it seems EUR strength has finally weakened. I believe the dollar should rise soon and cause EURUSD to head towards 0.382 level of fib. If it breaks through support there, there could also be a long position if it gets between 0.5 and 0.618 of fib. Good luck everyone.
Thanks for reading,
4TLO4X
Hello everyone, I have been watching EURUSD for a week now due to it currently being on a wedge in 4H timeframe (my personal analysis). Now that the price has bounced off of the bottom wedge I believe if it can break the next resistance it will definitely be a long position. If not, I believe it will bounce back down to the bottom wedge (giving more opportunity to...
First post ! Haha, just been analyzing EURUSD for a few days and I believe will breakout of a wedge soon. 1H showed a head and shoulders pattern most recently but I think that will just help to get a better position. Good luck everyone.
